Order in respect of Shri Vipin Sharma in the matter of GDR issue of Chromatic India Ltd

Last updated: 30 September 2020
Quick Summary
The Securities and Exchange Board of India (SEBI) investigated Chromatic India Ltd's Global Depository Receipts (GDR) issuance. The investigation revealed that EURAM Bank provided a loan to Vintage FZE to subscribe to Chromatic's GDRs. Chromatic's board had resolved to allow EURAM Bank to use GDR proceeds as security for this loan, a scheme executed without informing shareholders. SEBI alleged this constituted a fraudulent scheme under the SEBI Act and PFUTP Regulations.

Court :
SEBI

Brief :
Under Sections 11(1), 11(4) and 11B (1) of the Securities and Exchange Board of India Act, 1992

Citation :
WTM/SM/IVD/ID4/9169/2020-21

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1999
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3499
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999
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